Security Analysis
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1934 edition is the best in my opinion

[1940] Ch. 17 GUARANTEED SECURITIES (Continued)
1 year ago

TLDR: Real estate mortgage guarantees come in two types, corporation and independent surety company guarantees. The latter was developed just before the 1929 market collapse. Lease agreements can also guarantee interest on securities. The inclusion of guarantees and rentals in calculating fixed ch…

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[1940] Ch. 52 MARKET ANALYSIS AND SECURITY ANALYSIS
2 months, 2 weeks ago

Summary: This chapter explores the intricate relationship between forecasting security prices and security analysis, highlighting the distinct yet interconnected roles each plays in investment strategies. It delves into the different objectives and techniques of market analysis, emphasizing its …

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[1940] Ch. 51 DISCREPANCIES BETWEEN PRICE AND VALUE (Continued)
2 months, 2 weeks ago

Summary: This chapter delves into the complex dynamics of financial markets, emphasizing the distinction between seasoned and unseasoned securities, their market behavior, and investor perceptions. It explores how seasoned issues, despite weakening investment positions, often maintain their pric…

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[1940] Ch. 50 DISCREPANCIES BETWEEN PRICE AND VALUE
2 months, 3 weeks ago

Summary: The relationship between price and value is a critical yet often perplexing aspect. As highlighted in this chapter, the valuation processes in the securities market are influenced not by mechanistic calculations but by human psychology. This human element introduces a spectrum of errors…

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[1940] Ch. 49 COMPARATIVE ANALYSIS OF COMPANIES IN THE SAME FIELD
2 months, 3 weeks ago

In this chapter, the authors delve into the comparative analysis of companies within the same industry, emphasizing its routine nature in an analyst's work. This analysis enables the evaluation of a company against the backdrop of the industry as a whole, often highlighting instances of undervaluat…

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